Rajasthan: Cyber fraud syndicate worth over ₹2000 crore busted

Jaipur/Sri Ganganagar, Jan 28 Under ‘Operation Cyber Seal’, initiated by Rajasthan Police, a major cyber fraud worth over ₹2000 crore was busted in a joint operation on Tuesday.

The team also arrested the alleged kingpin, Ajay Arya, son of Lajpat Arya, a resident of Ambika City, Sri Ganganagar.

Ajay Arya, the director of Cappmorefx, and his associates are implicated in thousands of cyber fraud complaints registered on the Pratibimb portal.

DIG and SP Gaurav Yadav reported that the arrest followed a complaint filed by Kantappa Babu Chavan, a resident of Karnataka, at the Purani Aabadi police station.

The complainant alleged that Ajay Arya and his associates defrauded thousands of people in Vijayapura, Ingalagi, and Karnataka through investments in Cappmorefx, amassing ₹2000 crore before fleeing to Sri Ganganagar.

The police conducted a raid at Ajay Arya’s luxurious residence in Ambika City-2. During the search, the police recovered ₹10 lakh in cash, 3 CPUs, 6 mobile phones, 8 ATM cards, 3 PAN cards, a luxury car worth ₹85 lakh, and documents linked to cyber fraud.

Ajay Arya was arrested following these discoveries. An investigation revealed that seven cyber fraud complaints were registered against Ajay Arya’s mobile number and bank account on the Pratibimb portal.

Upon further scrutiny, these accounts were linked to 75 additional accounts, which collectively had approximately 76,000 online complaints. Nationwide, thousands of complaints are believed to be connected to Ajay Arya and his associates.

A case has been registered against Ajay Arya, Deepak Arya, Lajpat Arya, Saurabh Chawla, his wife Saloni Chawla, Karamjit Singh, Baljit Singh, and Rajendra Singh under the BNS and IT Act at Police Station Sadar.

The investigation revealed that in 2022, the accused launched a company named Teachable Tech in Vijayapura, Karnataka, providing cyber training.

Under the guise of forex trading, they also promoted investments through another company, Cappmorefx, on social media. The accused lured thousands into investing money through a chain system, promising double or triple returns.

To build trust, they initially paid back double the amount but later persuaded victims to involve family and friends. Over ₹2000 crore was collected before abruptly shutting the company in June 2023. The accused then fled to Dubai.

Approximately two months ago, the accused summoned Kantappa Babu Chavan and others to Sri Ganganagar for a “compromise,” where they reportedly issued threats.

According to the complainants, the fraudulently obtained money was used to purchase luxury homes, cars, and plots across the country. The investigation is ongoing to uncover the full extent of their operations and recover assets purchased with the illicit funds.

Source: IANS